The demand for electric vehicles in the country is increasing rapidly. However, many people cannot afford to buy EVs because of their high cost. But there is good news for those who are unable to purchase electric vehicles due to their high prices. A study has found that by 2024, the price of electric cars will be equivalent to that of petrol and diesel cars. This means that anyone will be able to afford an electric car after 2024.
The study also predicts that the cost of electric vehicle batteries will decrease, which will contribute to the overall reduction in the price of electric vehicles. In 2010, the cost of electric car batteries was approximately $100 per kilowatt-hour. It is expected that by 2024, this cost will decrease to less than $100 per kilowatt-hour, making electric vehicles more affordable for the general public.
In addition to the decrease in battery costs, the manufacturing cost of electric vehicles is also decreasing. Governments are providing subsidies to promote the use of electric vehicles, further reducing their prices. The study predicts that the decrease in the price of electric cars will lead to an increase in demand for these vehicles. It is expected that by 2028, global sales of electric vehicles will reach up to 120 million units.
The Indian government’s FAME-II scheme provides subsidies of up to 1.5 lakh rupees for the purchase of electric vehicles. This has led to an increase in the demand for electric vehicles in India. It is projected that by 2022, sales of electric vehicles in India will reach 3.32 lakh units, with a 40% increase compared to the previous year.
These developments indicate a positive future for the electric vehicle industry, making it more accessible and affordable for consumers.
– Demand for electric vehicles is increasing rapidly in the country.
– The study suggests that by 2024, the price of electric cars will be equivalent to petrol and diesel cars, making them more affordable.
– The cost of electric car batteries is expected to decrease, making electric vehicles more affordable.
– Government subsidies for electric vehicles are further reducing their cost and increasing demand for them.
– In India, the FAME-II scheme provides subsidies of up to 1.5 lakh rupees for the purchase of electric cars.
– Sales of electric vehicles in India are expected to reach 3.32 lakh units in 2022 and 371,214 units in the third quarter of 2023, showing a 40% increase from the previous year.